Karachi: The KSE-100 index experienced a significant rise yesterday, gaining 771 points to close at 93,292 with a trading volume of 763 million shares. The top performers in terms of price change were PIBTL, BNWM, and NCPL, while the leading decliners included KOSM, JVDC, and PGLC. Trading activity was predominantly concentrated in the technology, banking, and cement sectors.

According to Taurus Securities Limited, the economic landscape in Pakistan is currently facing several challenges and developments. The country is seeking a two-year extension on $3.4 billion of Chinese debt amid an ongoing IMF programme. Weekly inflation has risen by 0.24%, driven by escalating food and energy prices, while the $2.5 billion gap remains a focal point for the IMF’s visit.

Additionally, the solar boom is impacting the revenues of Distribution Companies (DISCOs), while remittances have jumped by 35% from July to October. Inflows into Roshan Digital Accounts have surpassed the $9 billion mark. The ‘Bijli Sahulat Package’ is offering a relief of Rs26 per unit for additional electricity usage during the winter season.

In the financial sector, bank lending to the private sector has surged, and the government has divided the National Transmission and Despatch Company (NTDC) into three entities. Chinese and Pakistani firms have signed $156 million worth of Memorandums of Understanding (MoUs) in the leather and footwear industries, while Pakistan and Abu Dhabi Ports have signed four MoUs.

Furthermore, foreign exchange reserves are set to reach $12 billion by the end of November. The exploration and production (E and P) firms are facing uncertainty, leading to a halt in sugar exports with cane crushing scheduled to commence on the 21st. Attock Refinery is delaying its upgrade due to tax issues, and the government is planning to pursue the privatisation of Pakistan International Airlines (PIA) once again.